Business Succession Planning

Developing a strategy to exit from your business is one of the most important decisions you will ever face. Maybe you are considering the sale of your business. If so, you should look at:

Positioning the company so it can be sold at its most profitable time

Revising your business plan

Developing a strong management team to provide continuity and continued success of the business

Reviewing financials to look for opportunities in improving balance sheet positions and streamlining business operations

Meeting with professional advisors to value the business and locate potential buyers

If selling is not desired, you might consider a succession plan that transfers ownership to family members. If this is an option, you should:

Meet with professional advisors to have a business valuation performed

Decide if ownership will be transferred by gifting annually or all at once or through a discounted sale financed by a note that provides you with an annual income stream

Develop a plan to transfer the business to family members, such as gifting ownership to family members

You could also evaluate the advantages of selling your stock to a qualified stock ownership plan (ESOP), which can transfer ownership to employees and provide tax advantages under certain circumstances.

“Developing a strategy to exit from your business is one of the most important decisions you will ever face.”

You can see that several options are available. All you need to do is contact Brunsdon Law Firm for help in evaluating your options. We can also assist you on:

Transferring ownership to family members

Buy-sell agreements

Stock compensation plans

Merger or sale of the business

Qualified employee stock option plan (ESOP)

Irrevocable life insurance trust

When you contact Brunsdon Law Firm you will work with Terri Brunsdon, an experienced attorney and CPA with a Masters in Tax who will provide answers to your legal and tax questions on developing an exit strategy from your business..

You can contact us at 330-374-1166, or send an email to [email protected]. If sending an email, protect your confidentiality by not emailing any specifics about your matter.

We look forward to helping you reach the future goals of your business and you.

The Brunsdon Law Firm website provides general information about Brunsdon Law Firm. You should not rely on the information on this website as legal or tax advice, and you should consult an attorney about any legal question you have. Terri Brunsdon is licensed to practice law in the State of Ohio and is licensed to practice tax law in the United States. Ashley Raimondo is licensed to practice tax law in the states of Ohio and Pennsylvania. Read Full Disclaimer.